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How Cash Back Credit Cards are Faring

How Cash Back Credit Cards are Faring

If you’re already a cash back credit card consumer, there’s a good chance you’ve noticed at least “modest improvements” in your rewards. According to a new report, most consumers say the rewards have been improving as credit card companies attempt to lure new customers.

The Numbers

Nearly half of the consumers who participated in the survey say their cash back cards pay at least 1% from the first dollar spent on their cards. That’s an increase of 44% from those who were asked last year. Almost 15% of consumers say they earn more than 1%. Even better, though, is that 82% of the participants say not only are they earning cash back bonuses, but their credit cards have no annual fees. Nearly 70% are enjoying no expiration dates on their rewards points, either. It appears the credit card competition continues to churn forward.

Debit Cards

But there’s more. The use of debit cards have been on the decline, say several financial analysts. Credit cards with rewards are still not only being used, but they’re outpacing other credit cards with different promotions. Part of this might be because credit cards weren’t affected by the debit fee swipe reform.

Thinking it might be time to consider a rewards card? Here are a few of the more popular offers on the market.

Ink Plus with Ultimate Rewards

With the Ink Plus credit card, it’s likely the first thing you’ll notice is the $100 bonus cash back after your initial 10,000 bonus points are earned. Earning them is easy, too. In fact, you can earn almost four times that number in your first year alone. There’s a 0% intro APR for six months and the $60 annual fee is waived your first year, too.

Take advantage of the premium travel benefits and complementary airport lounge access. This is a fine choice for those with good credit histories and you’re rewarded richly for your efforts.

Cash Card for Businesses

Even business owners are maximizing their cash back opportunities. The 50% bonus on cash back every year really does redefine “cash back cards”. Every purchase made with this credit card earns you 1% cash back and with the 0% intro APR until September 2012, along with the no annual fee, means it’s a great time for business owners to make the most of their credit. The One Bank tools include quarterly and year-end summaries so tax season is a breeze. Your cash rewards are unlimited and never expire.

Maximum Rewards Platinum Edition Visa

Maximizing your rewards has never been easier. This Visa raises the bar when it comes to rewarding card holders. The Maximum Rewards Visa offers 0% APR for twelve months for all balance transfers and 0% APR for six months for purchases.

There’s no annual fee and you earn one point per every dollar spent on qualifying purchases. These points can be redeemed for travel, gift cards or at your favorite retailer. After your intro period expires, you’ll enjoy a low rate, depending on your credit history, of course. This is a tried and true credit card offer that many consumers use on a daily basis.

Chase Slate Vertical

Arguably one of Chase’s best offerings, this card offers Blueprint, which is just what those consumers and business owners who are looking to stay on top of their finances are looking for these days. A $75 statement credit after you hit $300 in your first three months sweetens the deal and the 15 month 0% APR intro tops that deal off. Still looking for that extra push? How about no annual fee? This Visa remains one of the Chase products that consistently ranks high in customer satisfaction.

Chase Freedom MasterCard

Another popular Chase product – the Chase Freedom MasterCard, this offer includes a $100 cash back bonus after you make $500 in purchases during your first three months. The rotating categories – you choose the top three that you’ll use most out of 15 categories choice – provide additional 5% cash back opportunities that rotate throughout the year. You’ll earn unlimited 1% cash back on all your other purchases. We like this credit card offer too because the cash back rewards never expire, there’s no annual fee and you can even maximize your savings with additional 10% cash back when you shop through the Chase website at merchants you already do business with.

For those already carrying credit card debt, a balance transfer cash back rewards card might be a good opportunity that allows you to take advantage of the rewards while also paying down debt with no interest.

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